Ronnie Wilson signed a plea agreement Friday in federal court. He appeared before a judge Monday.

The sentencing will be up to the discretion of the judge. Possible penalties include a fine of $250,000, imprisonment of 20 years and supervised release of three years. Wilson also faces a fine of $500,000, or twice the gross gain or loss, in his capacity as president of Atlantic Bullion and Coin Inc.

Authorities said Wilson told customers he was buying and selling silver but instead used the money for his scheme. Investigators think he lost $60 million of the $90 million invested with him.

Statements Wilson made to the Secret Service were read in court on Monday. The comments included:

"I began operating what is generally described as a Ponzi scheme."

"Most of the time I did not buy silver like I was supposed to."

"I used the money I received from clients for my personal benefit."

"I am sorry for what I have done."

Neither Wilson nor his attorney, Jeff Merriam, would comment to the media on Monday.

Wilson will open his books and make full restitution, to the extent that restitution can be made, said Attorney Beattie Ashmore, who is the court-appointed receiver in the case.

Ashmore said he "painted a very dim picture" for victims hoping to get their money back. There's still a "significant amount of money still missing," he said.

"Any asset of Ron Wilson, we will aggressively go after those assets, turn them into money, and distribute that money to the victims," said Ashmore. "Obviously, if you got money from Ron Wilson, we're going to come back after you, and get that money back. If, in turn, you gave him money, and you don't have a penny to show for it, then you'll be at the front of the list in terms of recovering monies, but, again, we first have to recover those monies."

Wilson's assets, as listed in the plea agreement, include cash, 11 different properties, six vehicles, and more than 50 firearms.

United States Attorney Bill Nettles said he could neither confirm nor deny whether more arrests will be made in the case.

"I can tell you that we will run everything down. I can neither confirm or deny the existence of a further investigation, but I can tell you that we won't leave anything unturned," said Nettles during a news conference. "I can tell you this -- if you're watching this, and you were involved, you should be worried."

About a dozen victims showed up to court to see Wilson for the first time since his arrest.

"I'm surprised he's still alive, frankly," said one investor, who did not want to give his name.

Michelle Graham said she lost $350,000.

"I'm physically ill at this point," said Michelle Graham outside the courthouse. "I hope justice will be served. I pray for it."

Graham's father-in-law, Ellsworth Graham, said he invested $100,000 the day Wilson was arrested.

"There's too many people that lost everything, you know? Their homes. How can justice be (served)?" said Ellsworth Graham. "He has no remorse. He just sits up there, and looks around at people like -- tough."

Sentencing will happen at a later date.

Wilson also is a former member of the state Board of Education and national commander of the Sons of Confederate Veterans.